LifeTime Mortgage or Lifetime Lease?

[Jake Denning]

Hey BP! 

I am not posting a deal here but I had a homeowner contact me for a property that he would like to sell for about 70% of the market value (once renovated) The property is in okay shape just a bit out dated. Any way, the owner is not in the best of health and is really looking for someone to "buy him out" and allow him to live there till he passes away. He basically wants to cash out some equity and then live there for free while having the cash to take care of some of his expenses. This is not a deal that I can personally make at this time but there is a good equity grab. Anyway curious if anyone has experience with a lifetime mortgage/lifetime lease/ lifetime estate and might be interested in something like this or how to approach this situation.

I did do some research on this and it looks like it is a less common strategy because it just adds debt until the individual passes away.